Ring Mountain Capital LLC Invests $343,000 in The Home Depot, Inc. (NYSE:HD)

Ring Mountain Capital LLC purchased a new position in The Home Depot, Inc. (NYSE:HD) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 881 shares of the home improvement retailer’s stock, valued at approximately $343,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Proficio Capital Partners LLC lifted its position in shares of Home Depot by 21,394.9% during the 4th quarter. Proficio Capital Partners LLC now owns 2,039,862 shares of the home improvement retailer’s stock valued at $793,486,000 after acquiring an additional 2,030,372 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Home Depot during the third quarter worth $336,231,000. FMR LLC raised its holdings in Home Depot by 10.1% during the third quarter. FMR LLC now owns 8,679,237 shares of the home improvement retailer’s stock worth $3,516,827,000 after buying an additional 795,438 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its holdings in Home Depot by 295.6% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 693,318 shares of the home improvement retailer’s stock worth $280,932,000 after buying an additional 518,054 shares during the last quarter. Finally, Strategic Financial Concepts LLC raised its holdings in Home Depot by 37,025.9% during the fourth quarter. Strategic Financial Concepts LLC now owns 480,780 shares of the home improvement retailer’s stock worth $187,019,000 after buying an additional 479,485 shares during the last quarter. Institutional investors and hedge funds own 70.86% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Piper Sandler lowered their price objective on shares of Home Depot from $455.00 to $435.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Guggenheim reiterated a “buy” rating and issued a $450.00 target price on shares of Home Depot in a research note on Wednesday, February 26th. Royal Bank of Canada reduced their target price on shares of Home Depot from $431.00 to $424.00 and set a “sector perform” rating for the company in a research note on Wednesday, February 26th. Wells Fargo & Company upped their target price on shares of Home Depot from $440.00 to $450.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, Telsey Advisory Group reiterated an “outperform” rating and issued a $455.00 target price on shares of Home Depot in a research note on Wednesday, February 26th. Nine research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $436.50.

Home Depot Stock Performance

Shares of HD stock opened at $389.03 on Tuesday. The firm has a market capitalization of $386.45 billion, a price-to-earnings ratio of 26.43, a PEG ratio of 4.03 and a beta of 1.05. The stock has a fifty day moving average of $401.29 and a 200 day moving average of $399.57. The Home Depot, Inc. has a 52 week low of $323.77 and a 52 week high of $439.37. The company has a quick ratio of 0.31, a current ratio of 1.13 and a debt-to-equity ratio of 8.65.

Home Depot (NYSE:HD) last announced its quarterly earnings results on Tuesday, February 25th. The home improvement retailer reported $3.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.04 by $0.09. Home Depot had a net margin of 9.45% and a return on equity of 452.60%. The company had revenue of $39.70 billion for the quarter, compared to analysts’ expectations of $39.15 billion. During the same quarter in the previous year, the company earned $2.82 earnings per share. Home Depot’s quarterly revenue was up 14.1% on a year-over-year basis. As a group, research analysts expect that The Home Depot, Inc. will post 15.13 earnings per share for the current year.

Home Depot Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Thursday, March 13th will be paid a $2.30 dividend. This represents a $9.20 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date is Thursday, March 13th. This is a boost from Home Depot’s previous quarterly dividend of $2.25. Home Depot’s dividend payout ratio (DPR) is presently 61.66%.

About Home Depot

The Home Depot, Inc operates as a home improvement retailer in the United States and internationally. It sells various building materials, home improvement products, lawn and garden products, and décor products, as well as facilities maintenance, repair, and operations products. The company also offers installation services for flooring, water heaters, bath, garage doors, cabinets, cabinet makeovers, countertops, sheds, furnaces and central air systems, and windows.